The Brisbane, California-based company reported a third quarter net loss of $23.1 million or $0.66 per share, which narrowed from $29.0 million or $0.88 per share reported in the third quarter of 2006.
On average, 11 analysts polled by First Call/Thomson Financial expected the company to report a loss of $0.65 per share.
The company reported income from discontinued operations of $5.04 million, compared to loss from discontinued operations of $623 thousand in the previous year.
Total revenue declined to $11.4 million from $22.5 million, as idiopathic pulmonary fibrosis drug Actimmune's revenue dipped 53% to $10.6 million due to off-label physician prescriptions. InterMune announced in March that its Phase 3 INSPIRE program for Actimmune in IPF had been discontinued, and that future Actimmune revenue was expected to decline. Collaboration revenue for the quarter was $818 thousand. Wall Street expected revenues of $12.19 million.
Total costs and expenses declined to $41.13 million from $52.79 million.
The net loss for the nine-month period narrowed to $63.7 million or $1.85 per share from $85.8 million or $2.60 per share in the first nine months of 2006. Total revenue declined to $57.1 million from $71.0 million.
ITMN closed Thursday's regular trade at $19.65, down $0.27 or 1.36%, on 386,362 shares.
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